Investment Rating - The investment rating for the company is "Buy" (maintained) for both A-shares and H-shares [5][6]. Core Views - The company experienced a significant decline in revenue levels in 2Q24, with a year-on-year revenue increase of 6.4% to RMB 40.189 billion, which is 13.8% higher than the same period in 2019. However, the unit revenue per passenger kilometer decreased by approximately 12% [5][6]. - The overall supply and demand for the company in 1H24 increased by 21.7% and 33.5%, respectively, recovering to 106% of the levels seen in 1H19. The passenger load factor was 83.1%, up 7.3 percentage points year-on-year [5][6]. - The company recorded a net loss attributable to shareholders of RMB 12.28 billion in 1H24, which is an improvement from a net loss of RMB 28.75 billion in 1H23. The net loss in 2Q24 expanded to RMB 19.84 billion, influenced by weak demand and investment losses from a subsidiary [5][6][7]. - The target price for A-shares is set at RMB 6.60 and for H-shares at HKD 4.05, reflecting a valuation premium based on expected improvements in profitability indicators [5][6]. Summary by Sections Financial Performance - In 2Q24, the company's operating revenue was RMB 40.189 billion, with a year-on-year increase of 6.4%. The passenger load factor was 83.2%, up 6.3 percentage points year-on-year, exceeding the same period in 2019 by 0.8 percentage points [5][6]. - The company reported a net loss of RMB 19.84 billion in 2Q24, which is an increase of RMB 10.07 billion compared to the previous year. The total operating cost for 2Q24 was RMB 38.826 billion, up 15.5% year-on-year [6][7]. Profitability Forecast - The net profit estimates for 2024-2026 have been adjusted to RMB 5.19 billion, RMB 38.45 billion, and RMB 79.15 billion, respectively, reflecting a downward revision from previous estimates [5][6][7]. - The expected book value per share (BVPS) for 2024 is RMB 2.06, with price-to-book (PB) ratios of 3.2x for A-shares and 1.8x for H-shares [5][6]. Market Conditions - The company is expected to benefit from increased capacity and strong private demand in the upcoming peak season (3Q24), which may help maintain high profitability levels [6][7]. - The report indicates that the recovery in supply and demand dynamics has not yet fully manifested in the off-peak season, leading to cautious adjustments in profit forecasts [6][7].

Investment Rating - The report maintains a "Buy" rating for China Southern Airlines (600029) with a target price of 6.42 CNY, representing a 13% upside from the current price of 5.70 CNY [2][4]. Core Views - The airline reported a loss of 1.23 billion CNY in H1 2024, with Q2 losses amounting to 1.98 billion CNY. However, improvements in supply and demand during the peak season are expected to lead to profitability for the airline [2]. - Revenue for H1 2024 reached 84.79 billion CNY, up 18.0% year-on-year, and 40.19 billion CNY for Q2, up 6.4% year-on-year. The losses in both periods were lower than in the same periods of the previous year [2]. - The report highlights significant growth in passenger traffic during the summer peak season, with a notable increase in average passenger volume and load factor [2]. Financial Summary - **Revenue and Profitability**: - H1 2024 revenue was 84.79 billion CNY, up 18.0% YoY, with a loss of 1.23 billion CNY. Q2 revenue was 40.19 billion CNY, up 6.4% YoY, with a loss of 1.98 billion CNY [2]. - The airline's net profit forecast for 2024-2026 has been adjusted to 0.5 billion, 7.8 billion, and 10.0 billion CNY respectively [2]. - **Operational Metrics**: - In H1 2024, Available Seat Kilometers (ASK) increased by 21.7% YoY, while Revenue Passenger Kilometers (RPK) rose by 33.5% YoY, with a load factor of 83.1%, up 7.3 percentage points YoY [2]. - For Q2 2024, ASK grew by 11.2% YoY, RPK by 20.3% YoY, and the load factor was 83.2%, up 6.3 percentage points YoY [2]. - **Cost Structure**: - H1 2024 operating costs were 78.6 billion CNY, up 17.4% YoY, with fuel costs at 29.7 billion CNY, an increase of 18.2% YoY [2]. - Q2 2024 operating costs were 38.8 billion CNY, up 15.5% YoY, with fuel costs at 13.4 billion CNY, up 16.0% YoY [2]. - **Earnings Per Share (EPS)**: - EPS for 2024 is projected at 0.03 CNY, increasing to 0.43 CNY in 2025 and 0.55 CNY in 2026 [2]. Market Conditions - The report notes a significant recovery in domestic air travel, with a 23% increase in passenger volume compared to 2019 levels during the summer peak season [2]. - The average domestic ticket price has decreased by 12% YoY, indicating competitive pricing in the market [2].

Investment Rating - The report assigns a "Buy" rating to China Southern Airlines (600029) [1] Core Views - China Southern Airlines' operations are improving, with profitability expected to rebound [1] - The company's domestic passenger load factor has exceeded 2019 levels, while international and regional capacity has recovered to 80% of 2019 levels [2] - Despite revenue growth, the company faced increased losses in Q2 2024 due to seasonal factors and adverse weather conditions [2] Financial Performance - In H1 2024, the company achieved revenue of RMB 84.79 billion, up 18.0% YoY and 16.2% compared to 2019 [2] - Net profit attributable to shareholders was RMB 1.228 billion, significantly reducing losses by RMB 1.647 billion YoY [2] - Q2 2024 revenue reached RMB 40.2 billion, up 6.4% YoY and 13.8% compared to 2019, but net loss widened to RMB 1.984 billion [2] Operational Metrics - H1 2024 gross margin was 7.36%, up 0.49 percentage points YoY, but still below 2019 levels [2] - Q2 2024 passenger load factor reached 83.1%, exceeding 2019 levels by 0.72 percentage points [2] - Domestic passenger load factor was 83.6%, while international and regional routes reached 81.7% [2] Cost Structure - Unit RPK revenue declined by 11.6% YoY in Q2 2024 to RMB 0.564 [3] - Unit ASK cost increased by 3.8% YoY in Q2 2024 to RMB 0.453, mainly due to high fuel prices [3] - Financial expenses decreased due to reduced foreign exchange losses of RMB 891 million [2] Fleet and Utilization - The company's fleet size reached 907 aircraft (including 18 freighters) by H1 2024 [3] - Total flight hours in H1 2024 reached 1,536.6 hours, up 15.82% YoY and 4.29% compared to 2019 [3] - The company plans to add 40, 17, and 10 aircraft in 2024-2026 respectively [3] Financial Projections - The report forecasts net profit of RMB 1.28 billion, RMB 4.288 billion, and RMB 5.694 billion for 2024-2026 [4] - EPS is projected to be RMB 0.07, RMB 0.24, and RMB 0.31 for 2024-2026 respectively [4] - Revenue is expected to grow to RMB 203.931 billion by 2026 [4] Valuation - The stock's PE ratio is projected at 80.71x, 24.09x, and 18.14x for 2024-2026 [4] - PB ratio is expected to decline from 2.72x in 2024 to 2.15x in 2026 [4]

Investment Rating - The report maintains a "Buy" rating for the company [1][8]. Core Views - The company reported a significant reduction in losses for H1 2024, with a net profit of -1.23 billion RMB, an improvement of 1.65 billion RMB year-on-year [1]. - The recovery of international routes is expected to benefit the company, with passenger volume on international routes recovering to 87.5% of 2019 levels by July 2024 [1]. - The company has adjusted its net profit forecasts for 2024-2026 to 0.4 billion RMB, 6.9 billion RMB, and 11.3 billion RMB respectively [1]. Financial Performance - In H1 2024, the company's operating revenue reached 84.79 billion RMB, a year-on-year increase of 18.0% [1]. - Passenger transport revenue was 73.4 billion RMB, up 18% year-on-year, driven by increased capacity and load factors [1]. - Cargo revenue increased by 21.6% year-on-year to 8.7 billion RMB, with a 24.18% increase in cargo traffic [1]. - The company's unit cost per seat kilometer decreased by 3.9% year-on-year to 0.44 RMB [1]. Profitability Metrics - The gross profit margin for H1 2024 was 7.4%, an increase of 0.5 percentage points year-on-year [1]. - The company reported a significant decrease in financial expense ratio, primarily due to reduced foreign exchange losses [1]. - The forecasted earnings per share for 2024E is 0.022 RMB, with a projected return on equity (ROE) of 1.06% [4]. Future Outlook - The company is expected to benefit from favorable policies promoting international travel, which may further enhance the recovery of its international routes [1]. - The adjusted profit forecasts reflect a cautious but optimistic outlook for the company's recovery trajectory in the coming years [1].

中国南方航空股份有限公司 第十届监事会第二次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 一、监事会会议召开情况 2024 年 8 月 29 日，中国南方航空股份有限公司（以下简称 "本公司""公司"）第十届监事会第二次会议在广州市白云区 南航明珠大酒店 3 楼 3 号会议室以现场会议方式召开。应出席会 议监事 3 人，实际出席会议监事 2 人，杨斌监事因公未出席本次 会议，授权魏振兴监事代为出席会议并表决。本次会议由监事会 主席任积东先生主持，公司部分高级管理人员列席。本次会议的 通知和资料已以书面方式发出。会议的召开及表决等程序符合 《中华人民共和国公司法》、本公司章程和本公司监事会议事规 则的有关规定。 二、监事会会议审议情况 经出席本次监事会的监事审议并表决，一致通过以下议案： 证券代码：600029 证券简称：南方航空 公告编号：临 2024-050 （一）关于公司 2024 年半年度报告全文、摘要及业绩公告 1 的议案； 公司监事会全体成员对本公司 2024 年半年度报告全文、摘 要及业绩公告进行 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached CNY 84,790 million, an increase of 18.04% compared to CNY 71,830 million in the same period last year[21]. - The net loss attributable to shareholders of the listed company was CNY (1,228) million, a significant improvement from CNY (2,875) million in the previous year, reflecting a decrease of 57.29%[21]. - The net loss attributable to shareholders after deducting non-recurring gains and losses was CNY (3,464) million, down 12.53% from CNY (3,960) million year-on-year[21]. - The net cash flow generated from operating activities was CNY 15,710 million, a decrease of 20.56% compared to CNY 19,775 million in the previous year[21]. - As of the end of the reporting period, the net assets attributable to shareholders of the listed company were CNY 35,484 million, down 3.53% from CNY 36,784 million at the end of the previous year[21]. - The total assets of the company increased to CNY 314,935 million, reflecting a growth of 1.85% from CNY 309,226 million at the end of the previous year[21]. - Basic loss per share for the first half of 2024 was (0.07) CNY, a 56.25% improvement from (0.16) CNY in the same period last year[22]. - The weighted average return on equity increased by 3.86 percentage points to (3.40)% compared to (7.26)% in the previous year[22]. Operational Efficiency - The company improved its operational efficiency, achieving an average passenger load factor of 83.07%, up by 7.30 percentage points[40]. - The company achieved a total flight time of 1.537 million hours, maintaining a leading safety level in the industry[33]. - The company expanded its cargo transport capacity, with total revenue ton kilometers (RTK) increasing by 30.40% to 17.32 billion[39]. - The total number of flights increased by 9.31% to 556.49 thousand flights, with international flights rising by 142.69%[41]. - Operating costs rose by 17.42% to RMB 78,551 million, driven by increased fuel costs which surged by 22.32% to RMB 27,885 million[49]. Market and Industry Trends - The total turnover of the civil aviation industry reached 70.3 billion ton-kilometers, with passenger transport volume at 350 million, and cargo and mail transport volume at 4.174 million tons, representing year-on-year growth of 32.2%, 23.5%, and 27.4% respectively[30]. - The company anticipates global civil aviation revenue to reach $996 billion in 2024, a year-on-year increase of 9.7%[83]. Strategic Initiatives - The company aims to build a world-class airline by 2025, focusing on core air transport and collaborative development with pillar industries[29]. - The company is implementing a digital transformation strategy to enhance operational efficiency and service quality[29]. - The company is focusing on building a hub network centered around Guangzhou and Beijing to create new profit models and development methods[31]. - The company plans to explore the application of large models in the civil aviation sector and establish an algorithm center as part of its technology innovation initiatives[88]. Environmental Commitment - The company is committed to green development and has implemented pollution prevention and environmental management measures[95]. - The company has successfully offset 600 tons of carbon dioxide through its passenger carbon account and flight carbon calculator by June 2024[106]. - The company has implemented a plastic pollution control plan, leading to the release of the first industry standard for non-degradable plastic alternatives in March 2024[107]. - The company promotes green flying and advocates for low-carbon travel to reduce environmental impact[103]. Financial Management - The company has a loan limit of RMB 21 billion with Southern Airlines Finance, with interest rates ranging from 2.8% to 3.3%[125]. - The total amount deposited with Southern Airlines Finance during the reporting period was RMB 204.86 billion, with a year-end balance of RMB 9.98 billion[124]. - The company reported a total of 30,000 million RMB in comprehensive credit with a related party, South Airlines Finance, of which 9,195 million RMB was actually utilized[126]. - The company has issued a total of RMB 16 billion in convertible bonds, with 19,292 holders at the end of the reporting period[154]. Shareholder Information - The largest shareholder, China Southern Airlines Group Co., Ltd., holds 9,404,468,936 shares, representing 51.90% of the total shares[142]. - The total number of common shareholders as of the end of the reporting period is 157,330[139]. - The total number of restricted shares at the end of the reporting period is 803,571,428, which will be released on November 24, 2025[144]. Risk Management - The company faces macroeconomic risks that could impact air passenger and cargo demand, affecting overall business performance[72]. - The company is addressing risks related to exchange rate fluctuations, with a potential impact of RMB 322 million on shareholder equity for a 1% change in USD/CNY exchange rate[80]. - Fuel costs are a major expense, with a 10% change in average fuel prices potentially affecting operating costs by RMB 2,789 million[81].

证券代码：600029 证券简称：南方航空 公告编号：临2024-051 中国南方航空股份有限公司 关于会计政策变更的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 重要内容提示： ● 中国南方航空股份有限公司（以下简称"公司"）本次发 生会计政策变更系依据财政部颁布的于 2024 年 1 月 1 日生效的 《企业会计准则解释第 17 号》相关规定及指引要求实施。 ● 本次会计政策变更将影响公司于以前年度发行的可转换 公司债券的列报，即将主债务工具对应的金额划分为流动负债， 并将其从"应付债券"重分类为"其他流动负债"。 一、会计政策变更概述 公司于 2024 年度执行了财政部于近年颁布的企业会计准则 相关规定及指引，即《企业会计准则解释第 17 号》(财会[2023]21 号)(以下简称"解释第 17 号")中"关于流动负债与非流动负 债的划分"的规定。 1 根据解释第 17 号的规定，公司在对负债的流动性进行划分 时，仅考虑公司在资产负债表日是否有将负债清偿推迟至资产负 债表日后一年以上的实质性权利(以下简称"推迟 ...

证券代码：600029 证券简称：南方航空 公告编号：临2024-049 中国南方航空股份有限公司 第十届董事会第二次会议决议公告 经出席本次董事会的董事审议并表决，一致通过以下议案： （一）关于公司 2024 年半年度报告全文、摘要及业绩公告 的议案； 1 该议案已经公司董事会审计与风险管理委员会审议通过，并 同意提交公司董事会审议。 表决情况：同意 6 票、反对 0 票、弃权 0 票，表决结果：通 过。 本公司董事会及全体董事保证本公告内容不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 一、董事会会议召开情况 2024 年 8 月 29 日，中国南方航空股份有限公司（以下简称 "本公司""公司"）第十届董事会第二次会议在广州市白云区 南航明珠大酒店 3 楼 5 号会议室以现场会议结合视频会议的方 式召开。本次会议应出席会议董事 6人，实际出席会议董事 6人。 本次会议由董事长马须伦先生主持，公司部分监事及部分高级管 理人员列席。本次会议的通知和资料已以书面方式发出。会议的 召开及表决等程序符合《中华人民共和国公司法》以及本公司章 程的有关规定。 二、董事会 ...

中国南方航空股份有限公司对中国 南航集团财务有限公司的 风险持续评估报告 一、南航财务公司基本情况 中国南航集团财务有限公司（以下简称南航财务公司）是中 国南方航空集团有限公司（以下简称南航集团）的控股子公司, 1994 年 1 月 27 日经中国人民银行批准设立, 1995 年 6 月 28 日 经广东省工商行政管理局登记正式成立。 法定代表人:姚勇 企业类型：有限责任公司(外商投资企业与内资合资) 金融许可证机构编码：L0059H244010001 统一社会信用代码：91440000231120157L 经 营 范围:吸收 成 员 单 位 存 款 ; 办理 成 员 单 位 贷 款 ; 办理 成 员单位票据贴现;办理成员单位资金结算与收付;提供成员单位 委托贷款、债券承销、非融资性保函、财务顾问、信用鉴证及咨 询代理业务;从事同业拆借;办理成员单位票据承兑;办理成员 单位产品买方信贷;有价证券投资（股票二级市场投资除外）; 对金融机构的股权投资;银行业监督管理机构批准的其他业务。 = 1 - 二、南航财务公司内部控制基本情况 （一）控制环境 注册地址：广东省广州市白云区齐心路 68 号中国南方航空 大厦 1 ...

证券代码：600029 证券简称：南方航空 公告编号：临 2024-048 中国南方航空股份有限公司 关于召开 2024 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完 整性承担法律责任。 重要内容提示： http://roadshow.sseinfo.com/） ● 会议召开方式：上证路演中心视频录播和网络互动 ● 投资者可于 2024 年 8 月 26 日（星期一）至 8 月 29 日（星 期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏 目或通过公司邮箱 ir@csair.com 进行提问，邮件标题请注明"600029 业绩说明会"，公司将在说明会上对投资者普遍关注的问题进行回 答。 中国南方航空股份有限公司（以下简称"公司"）2024 年 8 月 30 日发布公司 2024 年半年度报告，为便于广大投资者全面深入地 1 ● 会议召开时间：2024 年 8 月 30 日（星期五）16:00-17:00 ● 会议召开地点：上海证券交易所上证路演中心（网址： 了解公司 2024 年上半年经营成果与财务 ...